Fund Structure
Agency Funds
Annual Reports
Chargebacks
Closing Dates
Financial Managers
Grants
Sponsored Research
Stale Dated Check
Stop Payment Check
Budgeting Tips
Prepare the budget with sufficient detail so that the reviewer will be able to understand how you arrived at the totals. For example, personnel costs should show the rate of compensation and the time involved ($6.50/hr x 20hrs).
Personal Services
USI employees
Base grant cost on the actual pay rate of the employee (obtainable from
Human Resources or budget contact person), plus inflation if the project
will extend beyond the current fiscal year.
Include benefit figures when budgeting release time or in-kind matching.
Budget FICA. FICA (social security and medicare taxes) nearly always applies to USI employees (excluding exempt students) even when they receive a stipend or lump sum payment. FICA is calculated at 7.65% of the salary or wage (.0765 x wage). FICA is the most frequently overlooked item when preparing a grant budget. Compensation on internal and summer projects must also include FICA tax.
Non-USI employees
No benefits or FICA should be necessary.
Be familiar with the regulations for paying independent contractors (how
to complete a check voucher).
Supplies and Expenses
Mentally walk through your project and think about what kinds
of costs will be incurred. Be sure you do not overlook anything,
otherwise you will be unable to finish your project with the funding
available.
Be sure that any travel budgeted conforms to university standards and limits (USI Travel).
List equipment by item and cost. Contact the Procurement Department for estimated costs or quotes.
Indirect costs should be included where allowable. The granting guidelines usually address this issue. Sometimes indirect cost recovery is disallowed or limited to a certain percentage of the budget. At other times it is necessary to use the USI federally negotiated Facilities and Administration rate (contact budget contact person).
USI Matching
Prepare any required or offered matching budget with the same detail and
care as the portion of the budget to be funded by the granting agency.
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